Aussie bears taking control after disappointing data from Australia earlier today.
Australia's Feb retail sales came at 0.0% m/m vs 0.4% expected and 0.3% last, a big miss. AUD/USD saw a 30 pip slump post data from 0.7668 levels to around 0.7638.
Technicals on 2-hourly charts indicated downside for the pair. Stochs and RSI are biased lower.
Strong support seen at 0.76 levels, breaks below could see test of 0.7555 (trendline support). Resistance on the upside is seen at 0.7652 (5-DMA) and then session highs at 0.07678
Our previous call (link below) has hit all targets.
Good to sell rallies around 0.7635/40, SL: 0.77, TP: 0.76/0.7555
Australia's Feb retail sales came at 0.0% m/m vs 0.4% expected and 0.3% last, a big miss. AUD/USD saw a 30 pip slump post data from 0.7668 levels to around 0.7638.
Technicals on 2-hourly charts indicated downside for the pair. Stochs and RSI are biased lower.
Strong support seen at 0.76 levels, breaks below could see test of 0.7555 (trendline support). Resistance on the upside is seen at 0.7652 (5-DMA) and then session highs at 0.07678
Our previous call (link below) has hit all targets.
Good to sell rallies around 0.7635/40, SL: 0.77, TP: 0.76/0.7555
